U.S. corn sinks to two-and-a-half-year low as USDA hikes production outlook

U.S. corn futures fell to their lowest since January 2021 on Wednesday after the U.S. Department of Agriculture forecast a larger than expected domestic crop.

In its latest WASDE report, the USDA forecast the domestic 2023 corn crop at 15.32B bushels, up from 15.26B last month and above the 15.23B analyst consensus, while cutting its U.S. corn yield estimate to 177.5 bushels/acre, a drop from 181.5 bushels/acre projected last month, compared to expectations for corn yields to drop to 175.8 bushels/acre.